Pound’s fall makes British companies takeover targets.

US food giant Kraft Heinz has withdrawn a £115 billion bid for a mega-merger with Unilever, the firms have said.

In a joint statement on Sunday, the Heinz Tomato Ketchup and Philadelphia cheese manufacturer said it had agreed not to proceed with the offer it made on Friday for the Anglo-Dutch firm, which makes Marmite and PG Tips.

Unilever has 7,500 staff in the UK, based at its London headquarters and three research facilities at Port Sunlight, Colworth and Leeds.

The deal’s collapse will be a relief to Theresa May as the Prime Minister has vowed to do more to block hostile takeovers when British jobs are at stake.

Many have warned the pound’s tumble by around 20 per cent since the Brexit vote makes UK companies vulnerable to a takeover.

Former Business Secretary Vince Cable said tonight “many less famous names are sitting ducks” following the referendum.

Good news #kraft back off #unilever takeover. But many less famous names arel sitting ducks thanks to post #Referendum devaluation.